- Results exceeded all guided metrics
- Subscription ARR grew 40% year-over-year to $919.1 million
- Revenue grew 35% year-over-year to $205.0 million
- 1,969 customers with $100K or more in Subscription ARR, up 35%
year-over-year
- Company raises full year guidance across all metrics
Rubrik, Inc. (NYSE: RBRK), the Zero Trust Data Security™
company, today announced financial results for the second quarter
fiscal year 2025, ended July 31, 2024.
“The long list of recent successful cyber attacks and IT outages
is driving organizations to increasingly recognize the need for a
robust cyber resilience plan to ensure business continuity in the
face of cyber disruptions. Our Subscription ARR up 40%
year-over-year in Q2 to $919 million showcases the value we provide
to enterprises in delivering complete cyber resilience, which
combines cyber recovery and data security posture management,” said
Bipul Sinha, Rubrik’s Chief Executive Officer, Chairman, and
Co-Founder.
Commenting on the Company’s financial results, Kiran Choudary,
Rubrik’s Chief Financial Officer, added, “We had a strong second
quarter, outperforming our guidance across all metrics. In addition
to strong growth at scale, our Subscription ARR Contribution Margin
was up over 1,300 basis points year-over-year, demonstrating our
improving operational efficiency. These results demonstrate our
ability to balance high top line growth and improved progress
towards our long-term profitability targets.”
Second Quarter Fiscal 2025 Financial Highlights
- Subscription Annual Recurring Revenue (ARR):
Subscription ARR was up 40% year-over-year, growing to $919.1
million as of July 31, 2024.
- Revenue: Subscription revenue was $191.3 million, a 50%
increase, compared to $127.5 million in the second quarter of
fiscal 2024. Total revenue was $205.0 million, a 35% increase,
compared to $151.5 million in the second quarter of fiscal
2024.
- Gross Margin: GAAP gross margin was 73.1%, compared to
76.6% in the second quarter of fiscal 2024. This includes $7.0
million in stock-based compensation expense, compared to $0.1
million in the year ago period, due to the vesting of certain
equity awards after and as a result of the completion of our
initial public offering. Non-GAAP gross margin was 77.0%, compared
to 76.7% in the second quarter of fiscal 2024.
- Subscription ARR Contribution Margin: Subscription ARR
Contribution Margin was (8)% compared to (22)% in the second
quarter of fiscal 2024, reflecting the improvement in operating
leverage in the business. Subscription ARR Contribution Margin was
(6)% when adjusting for $22.8 million in Q1’25 employer payroll
taxes due to the vesting of certain equity awards in conjunction
with the initial public offering.
- Net Loss per Share: GAAP net loss per share was $(0.98),
compared to $(1.35) in the second quarter of fiscal 2024. GAAP net
loss includes $105.0 million in stock-based compensation expense,
compared to $1.2 million in the year ago period, due to the vesting
of certain equity awards after and as a result of the completion of
our initial public offering. Non-GAAP net loss per share was
$(0.40), compared to $(1.33) in the second quarter of fiscal
2024.
- Cash Flow from Operations: Cash flow from operations was
$(27.1) million, compared to $(6.7) million in the second quarter
of fiscal 2024. Free cash flow was $(32.0) million, compared to
$(13.4) million in the second quarter of fiscal 2024.
- Cash, Cash Equivalents, and Short-Term Investments:
Cash, cash equivalents and short-term investments were $601.3
million as of July 31, 2024.
Recent Business Highlights
- As of July 31, 2024, Rubrik had 1,969 customers with
Subscription ARR of $100,000 or more, up 35% year-over-year.
- Named a Leader and the furthest in Completeness of Vision in
the 2024 Gartner® Magic Quadrant™ for Enterprise Backup and
Recovery Software Solutions for the 5th consecutive year.
- Named Microsoft’s Healthcare and Life Sciences 2024 Partner of
the Year for demonstrating excellence in innovation and
implementation of customer solutions based on Microsoft
technology.
- Announced a new partnership and technology integration with
Mandiant, part of Google Cloud. The collaboration brings together
leaders in data security, incident response, and threat
intelligence, aiming to expedite customers’ threat detection and
path to cyber recovery.
- Expanded our relationship with Assured Data Protection (ADP),
the prominent IT managed services provider (MSP) for cloud data
protection solutions. ADP will expand its operations into Latin
America, including establishing Rubrik’s presence across the
region, ensuring enterprises of all sizes across the region can
achieve true cyber resiliency through Assured’s 24/7/365 managed
service.
Third Quarter and Fiscal Year 2025 Outlook
Rubrik is providing the following guidance for the third quarter
of fiscal year 2025 and the full fiscal year 2025:
- Third Quarter Fiscal 2025 Outlook:
- Revenue of $216.5 million to $218.5 million.
- Non-GAAP Subscription ARR contribution margin of approximately
(8)% to (7)%.
- Non-GAAP EPS of $(0.41) to $(0.39).
- Weighted-average shares outstanding of approximately 185
million.
- Full Year 2025 Outlook:
- Subscription ARR between $1,026 million and $1,032
million.
- Revenue of $830 million to $838 million.
- Non-GAAP Subscription ARR contribution margin of approximately
(7)% to (6)%.
- Non-GAAP EPS of $(2.12) to $(2.06).
- Weighted-average shares outstanding of approximately 155
million.
- Free cash flow of $(67) million to $(57) million, including $23
million of one-time payroll taxes related to the public
offering.
Additional information on Rubrik’s reported results, including a
reconciliation of the non-GAAP results to their most comparable
GAAP measures, is included in the financial tables below. A
reconciliation of non-GAAP guidance measures to corresponding GAAP
measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty of expenses that may be
incurred in the future, although it is important to note that these
factors could be material to Rubrik’s results computed in
accordance with GAAP. For example, stock-based compensation-related
charges, including employer payroll tax-related items on employee
stock transactions, are impacted by the timing of employee stock
transactions, the future fair market value of Rubrik’s Class A
common stock, and Rubrik’s future hiring and retention needs, all
of which are difficult to predict and subject to constant
change.
Conference Call Information
Rubrik will host a conference call to discuss results for the
second quarter of fiscal year 2025, as well as its financial
outlook for the fiscal third quarter and fiscal year 2025 today at
2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. Open to the
public, analysts and investors may access the webcast, results
press release, and investor presentation on Rubrik’s investor
relations website at https://ir.rubrik.com. A replay of the webcast
will also be accessible from Rubrik’s investor relations website a
few hours after the conclusion of the live event.
Rubrik uses its investor relations website and may use certain
social media accounts including X (formerly Twitter) (@rubrikInc
and @bipulsinha) and LinkedIn (www.linkedin.com/company/rubrik-inc
and www.linkedin.com/in/bipulsinha) as a means of disclosing
material non-public information and for complying with its
disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release and the related conference call contain
express and implied “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995, including
statements regarding Rubrik’s financial outlook for the third
quarter of fiscal year 2025 and full fiscal year 2025, Rubrik’s
market position, market opportunities, and growth strategy, product
initiatives, go-to-market motions and market trends. In some cases,
you can identify forward-looking statements by terms such as
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“might,” “plan,” “project,” “will,” “would,” “should,” “could,”
“can,” “predict,” “potential,” “target,” “explore,” “continue,”
“outlook,” “guidance,” or the negative of these terms, where
applicable, and similar expressions intended to identify
forward-looking statements. By their nature, these statements are
subject to numerous uncertainties and risks, including factors
beyond Rubrik’s control, that could cause actual results,
performance or achievement to differ materially and adversely from
those anticipated or implied in the statements. Risks include but
are not limited to Rubrik’s limited operating history, the growth
rate of the market in which Rubrik competes, Rubrik’s ability to
effectively manage and sustain its growth, Rubrik’s ability to
introduce new products on top of its platform, Rubrik’s ability to
compete with existing competitors and new market entrants, Rubrik’s
ability to expand internationally and its ability to utilize AI
successfully in its current and future products. Additional risks
and uncertainties that could cause actual outcomes and results to
differ materially from those contemplated by the forward-looking
statements are included under the caption “Risk Factors” and
elsewhere in our most recent filings with the Securities and
Exchange Commission, including in our Quarterly Report on Form 10-Q
for the quarter ended April 30, 2024. Forward-looking statements
speak only as of the date the statements are made and are based on
information available to Rubrik at the time those statements are
made and/or management’s good faith belief as of that time with
respect to future events. Rubrik assumes no obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, except as required by law.
Non-GAAP Financial Measures
Rubrik has provided in this press release financial information
that has not been prepared in accordance with GAAP. Rubrik uses
these non-GAAP financial measures internally in analyzing its
financial results and believes that use of these non-GAAP financial
measures is useful to investors as an additional tool to evaluate
ongoing operating results and trends and in comparing Rubrik’s
financial results with other companies in its industry, many of
which present similar non-GAAP financial measures.
Non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for comparable GAAP financial measures
and should be read only in conjunction with Rubrik’s condensed
consolidated financial statements prepared in accordance with GAAP.
A reconciliation of Rubrik’s historical non-GAAP financial measures
to the most directly comparable GAAP measures has been provided in
the financial statement tables included in this press release, and
investors are encouraged to review the reconciliation.
Free Cash Flow. Rubrik defines free
cash flow as net cash provided by (used in) operating activities
less cash used for purchases of property and equipment and
capitalized internal-use software. Rubrik believes free cash flow
is a helpful indicator of liquidity that provides information to
management and investors about the amount of cash generated or used
by Rubrik’s operations that, after the investments in property and
equipment and capitalized internal-use software, can be used for
strategic initiatives, including investing in Rubrik’s business and
strengthening its financial position. One limitation of free cash
flow is that it does not reflect Rubrik’s future contractual
commitments. Additionally, free cash flow is not a substitute for
cash used in operating activities and the utility of free cash flow
as a measure of Rubrik’s liquidity is further limited as it does
not represent the total increase or decrease in Rubrik’s cash
balance for a given period.
Non-GAAP Subscription Cost of Revenue.
Rubrik defines non-GAAP subscription cost of revenue as
subscription cost of revenue, adjusted for amortization of acquired
intangibles, stock-based compensation expense, stock-based
compensation from amortization of capitalized internal-use
software, and other non-recurring items.
Non-GAAP Operating Expenses (Research and
Development, Sales and Marketing, General and Administrative).
Rubrik defines non-GAAP operating expenses as operating expenses
(research and development, sales and marketing, general and
administrative), adjusted for, as applicable, stock-based
compensation expense, and other non-recurring items.
Subscription Annual Recurring Revenue
(“ARR”) Contribution Margin. Rubrik defines Subscription ARR
Contribution Margin as Subscription ARR contribution divided by
Subscription ARR at the end of the period. Rubrik defines
Subscription ARR Contribution as Subscription ARR at the end of the
period less: (i) non-GAAP subscription cost of revenue and (ii)
non-GAAP operating expenses for the prior 12-month period ending on
that date. Rubrik believes that Subscription ARR Contribution
Margin is a helpful indicator of operating leverage. One limitation
of Subscription ARR Contribution Margin is that the factors that
impact Subscription ARR will vary from those that impact
subscription revenue and, as such, may not provide an accurate
indication of Rubrik’s actual or future GAAP results. Additionally,
the historical expenses in this calculation may not accurately
reflect the costs associated with future commitments.
Key Business Metrics
Subscription ARR. Rubrik calculates
Subscription ARR as the annualized value of our active subscription
contracts as of the measurement date, assuming any contract that
expires during the next 12 months is renewed on existing terms.
Subscription contracts include cloud-based contracts for Rubrik’s
subscription offerings and products sold on top of its Rubrik
Security Cloud (“RSC”) platform, prior sales of CDM sold as a
subscription term-based license with associated support, and
standalone sales of Rubrik’s SaaS subscription products like
Anomaly Detection (previously known as Ransomware Monitoring &
Investigation) and Sensitive Data Monitoring (previously known as
Sensitive Data Monitoring & Management).
Cloud ARR. Rubrik calculates Cloud ARR
as the annualized value of its active cloud-based subscription
contracts as of the measurement date, based on Rubrik’s customers’
total contract value and, assuming any contract that expires during
the next 12 months is renewed on existing terms. Rubrik’s
cloud-based subscription contracts include RSC and RSC-Government
(excluding RSC-Private) and SaaS subscription products like
Ransomware Monitoring & Investigation (now known as Anomaly
Detection) and Sensitive Data Monitoring & Management (now
known as Sensitive Data Monitoring).
Average Subscription Dollar-Based Net
Retention Rate. Rubrik calculates Average Subscription
Dollar-Based Net Retention Rate by first identifying subscription
customers (“Prior Period Subscription Customers”) which were
subscription customers at the end of a particular quarter (the
“Prior Period”). Rubrik then calculates the Subscription ARR from
these Prior Period Subscription Customers at the end of the same
quarter of the subsequent year (the “Current Period”). This
calculation captures upsells, contraction, and attrition since the
Prior Period. Rubrik then divides total Current Period Subscription
ARR by the total Prior Period Subscription ARR for Prior Period
Subscription Customers. Rubrik’s Average Subscription Dollar-Based
Net Retention Rate in a particular quarter is obtained by averaging
the result from that particular quarter with the corresponding
results from each of the prior three quarters.
Customers with $100K or More in
Subscription ARR. Customers with $100K or more in Subscription
ARR represent the number of customers that contributed $100,000 or
more in Subscription ARR as of period end.
Gartner disclaimer
Gartner, Magic Quadrant for Enterprise Backup and Recovery
Software Solutions, Michael Hoeck, et al, 5 August 2024.
GARTNER is a registered trademark and service mark of Gartner,
Inc. and/or its affiliates in the U.S. and internationally, and
MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or
its affiliates and are used herein with permission. All rights
reserved.
Gartner does not endorse any vendor, product or service depicted
in its research publications, and does not advise technology users
to select only those vendors with the highest ratings or other
designation. Gartner research publications consist of the opinions
of Gartner’s research organization and should not be construed as
statements of fact. Gartner disclaims all warranties, expressed or
implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
About Rubrik
Rubrik (NYSE: RBRK) is on a mission to secure the world’s data.
With Zero Trust Data Security™, we help organizations achieve
business resilience against cyberattacks, malicious insiders, and
operational disruptions. Rubrik Security Cloud, powered by machine
learning, secures data across enterprise, cloud, and SaaS
applications. We help organizations uphold data integrity, deliver
data availability that withstands adverse conditions, continuously
monitor data risks and threats, and restore businesses with their
data when infrastructure is attacked.
Rubrik, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2024
2023
2024
2023
Revenue
Subscription
$
191,315
$
127,456
$
363,510
$
235,854
Maintenance
5,018
10,594
10,685
22,882
Other
8,618
13,485
18,071
28,539
Total revenue
204,951
151,535
392,266
287,275
Cost of revenue
Subscription
45,795
23,204
119,520
44,841
Maintenance
1,040
1,749
4,649
4,020
Other
8,333
10,437
26,978
22,420
Total cost of revenue
55,168
35,390
151,147
71,281
Gross profit
149,783
116,145
241,119
215,994
Operating expenses
Research and development
86,228
49,762
371,607
96,028
Sales and marketing
167,927
117,615
547,256
232,977
General and administrative
63,921
22,288
215,386
45,105
Total operating expenses
318,076
189,665
1,134,249
374,110
Loss from operations
(168,293
)
(73,520
)
(893,130
)
(158,116
)
Interest income
7,278
2,745
10,220
5,362
Interest expense
(10,245
)
(6,173
)
(20,869
)
(11,705
)
Other income (expense), net
(1,450
)
(1,124
)
(2,073
)
(1,678
)
Loss before income taxes
(172,710
)
(78,072
)
(905,852
)
(166,137
)
Income tax expense
4,220
3,049
3,169
4,257
Net loss
$
(176,930
)
$
(81,121
)
$
(909,021
)
$
(170,394
)
Net loss per share attributable to common
shareholders, basic and diluted
$
(0.98
)
$
(1.35
)
$
(7.42
)
$
(2.83
)
Weighted-average shares used in computing
net loss per share attributable to common shareholders, basic and
diluted
179,851
60,296
122,460
60,121
Rubrik, Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
(unaudited)
July 31,
January 31,
2024
2024
Assets
Current assets
Cash and cash equivalents
$
142,349
$
130,031
Short-term investments
458,992
149,220
Accounts receivable, net of allowances
138,201
133,544
Deferred commissions
83,520
72,057
Prepaid expenses and other current
assets
65,928
63,861
Total current assets
888,990
548,713
Property and equipment, net
46,204
47,873
Deferred commissions, noncurrent
130,077
113,814
Goodwill
100,343
100,343
Other assets, noncurrent
52,590
62,867
Total assets
$
1,218,204
$
873,610
Liabilities, redeemable convertible
preferred stock and stockholders’ deficit
Current liabilities
Accounts payable
$
10,285
$
6,867
Accrued expenses and other current
liabilities
140,299
122,934
Deferred revenue
626,131
526,480
Total current liabilities
776,715
656,281
Deferred revenue, noncurrent
575,404
579,781
Other liabilities, noncurrent
58,575
55,050
Debt, noncurrent
306,804
287,042
Total liabilities
1,717,498
1,578,154
Redeemable convertible preferred stock
—
714,713
Stockholders’ deficit
Preferred stock
—
—
Common stock
—
1
Convertible founders stock
—
—
Class A common stock
1
—
Class B common stock
3
—
Additional paid-in capital
2,093,874
265,494
Accumulated other comprehensive loss
(1,638
)
(2,239
)
Accumulated deficit
(2,591,534
)
(1,682,513
)
Total stockholders’ deficit
(499,294
)
(1,419,257
)
Total liabilities, redeemable convertible
preferred stock and stockholders’ deficit
$
1,218,204
$
873,610
Rubrik, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended July
31,
2024
2023
Cash flows from operating
activities:
Net loss
$
(909,021
)
$
(170,394
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
14,144
11,562
Stock-based compensation
735,348
1,632
Amortization of deferred commissions
42,433
36,070
Non-cash interest
19,155
6,028
Deferred income taxes
1,409
1,600
Other
(1,492
)
(718
)
Changes in operating assets and
liabilities:
Accounts receivable
(4,829
)
(929
)
Deferred commissions
(70,159
)
(55,577
)
Prepaid expenses and other assets
(3,347
)
17,119
Accounts payable
4,873
(285
)
Accrued expenses and other liabilities
17,748
(25,439
)
Deferred revenue
95,274
155,126
Net cash used in operating activities
(58,464
)
(24,205
)
Cash flows from investing
activities:
Purchases of property and equipment
(6,227
)
(7,867
)
Capitalized internal-use software
(4,444
)
(4,622
)
Purchases of investments
(449,323
)
(149,836
)
Sale of investments
27,978
7,503
Maturities of investments
116,555
132,604
Net cash used in investing activities
(315,461
)
(22,218
)
Cash flows from financing
activities:
Proceeds from initial public offering and
underwriters' exercise of over-allotment option, net of
underwriting discounts and commissions
815,209
—
Taxes paid related to net share settlement
of equity awards
(430,300
)
—
Proceeds from exercise of stock
options
3,718
1,951
Payments for deferred offering costs,
net
(3,545
)
(1,225
)
Payments for debt discount costs
(475
)
—
Payments for debt issuance costs
(233
)
—
Net cash provided by financing
activities
384,374
726
Effect of exchange rate on cash, cash
equivalents, and restricted cash
397
879
Net increase (decrease) in cash, cash
equivalents, and restricted cash
10,846
(44,818
)
Cash, cash equivalents, and restricted
cash, beginning of year
137,059
140,606
Cash, cash equivalents, and restricted
cash, end of year
$
147,905
$
95,788
Rubrik, Inc.
GAAP to Non-GAAP
Reconciliations
(in thousands, except percentages
and per share data)
(unaudited)
Three Months Ended July
31,
Six Months Ended July
31,
2024
2023
2024
2023
Reconciliation of GAAP total gross
profit to non-GAAP total gross profit:
Total gross profit on a GAAP basis
$
149,783
$
116,145
$
241,119
$
215,994
Add: Stock-based compensation expense
7,046
5
55,945
10
Add: Stock-based compensation from
amortization of capitalized internal-use software
15
62
30
124
Add: Amortization of acquired
intangibles
923
—
1,826
—
Non-GAAP total gross profit
$
157,767
$
116,212
$
298,920
$
216,128
GAAP total gross margin
73
%
77
%
61
%
75
%
Non-GAAP total gross margin
77
%
77
%
76
%
75
%
Reconciliation of GAAP operating
expenses to non-GAAP operating expenses:
Research and development operating expense
on a GAAP basis
$
86,228
$
49,762
$
371,607
$
96,028
Less: Stock-based compensation expense
28,325
636
252,474
803
Non-GAAP research and development
operating expense
$
57,903
$
49,126
$
119,133
$
95,225
Sales and marketing operating expense on a
GAAP basis
$
167,927
$
117,615
$
547,256
$
232,977
Less: Stock-based compensation expense
34,255
563
274,143
762
Non-GAAP sales and marketing operating
expense
$
133,672
$
117,052
$
273,113
$
232,215
General and administrative operating
expense on a GAAP basis
$
63,921
$
22,288
$
215,386
$
45,105
Less: Stock-based compensation expense
35,392
—
152,786
57
Non-GAAP general and administrative
operating expense
$
28,529
$
22,288
$
62,600
$
45,048
Reconciliation of GAAP operating loss
to non-GAAP operating loss:
Operating loss on a GAAP basis
$
(168,293
)
$
(73,520
)
$
(893,130
)
$
(158,116
)
Add: Stock-based compensation expense
105,018
1,204
735,348
1,632
Add: Stock-based compensation from
amortization of capitalized internal-use software
15
62
30
124
Add: Amortization of acquired
intangibles
923
—
1,826
—
Non-GAAP operating loss
$
(62,337
)
$
(72,254
)
$
(155,926
)
$
(156,360
)
Reconciliation of GAAP net loss to
non-GAAP net loss:
Net loss on a GAAP basis
$
(176,930
)
$
(81,121
)
$
(909,021
)
$
(170,394
)
Add: Stock-based compensation expense
105,018
1,204
735,348
1,632
Add: Stock-based compensation from
amortization of capitalized internal-use software
15
62
30
124
Add: Amortization of acquired
intangibles
923
—
1,826
—
Income tax expenses effect related to the
above adjustments
(105
)
(42
)
(223
)
(58
)
Non-GAAP net loss
$
(71,079
)
$
(79,897
)
$
(172,040
)
$
(168,696
)
Non-GAAP net loss per share, basic and
diluted
$
(0.40
)
$
(1.33
)
$
(1.40
)
$
(2.81
)
Weighted-average shares used to compute
non-GAAP net loss per share, basic and diluted
179,851
60,296
122,460
60,121
The following table presents a
reconciliation of free cash flow to net cash provided by (used in)
operating activities, the most directly comparable GAAP measure,
for each of the periods indicated (unaudited, in thousands, except
percentages):
Three Months Ended July
31,
Six Months Ended July
31,
2024
2023
2024
2023
Net cash used in operating activities
$
(27,083
)
$
(6,748
)
$
(58,464
)
$
(24,205
)
Less: purchase of property and
equipment
(2,588
)
(4,494
)
(6,227
)
(7,867
)
Less: capitalized internal-use
software
(2,341
)
(2,206
)
(4,444
)
(4,622
)
Free cash flow
$
(32,012
)
$
(13,448
)
$
(69,135
)
$
(36,694
)
Free cash flow margin
(16
)%
(9
)%
(18
)%
(13
)%
Net cash used in investing activities
$
(356,198
)
$
(27,264
)
$
(315,461
)
$
(22,218
)
Net cash provided by financing
activities
$
22,192
$
167
$
384,374
$
726
The following table presents the
calculation of Subscription ARR Contribution Margin for the periods
presented as well as a reconciliation of (i) non-GAAP subscription
cost of revenue to cost of revenue and (ii) non-GAAP operating
expenses to operating expenses (in thousands, except
percentages):
Twelve Months Ended July
31,
2024
2023
Subscription cost of revenue
$
172,606
$
81,727
Stock-based compensation expense
(40,715
)
(12
)
Stock-based compensation from amortization
of capitalized internal-use software
$
(59
)
$
(272
)
Amortization of acquired intangibles
(3,502
)
(354
)
Non-GAAP subscription cost of revenue
$
128,330
$
81,089
Operating expenses
$
1,549,575
$
720,266
Stock-based compensation expense
(683,433
)
(3,650
)
Non-GAAP operating expenses
$
866,142
$
716,616
Subscription ARR
$
919,125
$
655,022
Non-GAAP subscription cost of revenue
(128,330
)
(81,089
)
Non-GAAP operating expenses
(866,142
)
(716,616
)
Subscription ARR Contribution
$
(75,347
)
$
(142,683
)
Subscription ARR Contribution Margin
(8
)%
(22
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240909983118/en/
Investor Relations Contact Melissa Franchi VP, Head of
Investor Relations, Rubrik 781.367.0733 IR@rubrik.com
Public Relations Contact Jessica Moore VP, Global
Communications, Rubrik 415.244.6565 jessica.moore@rubrik.com
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